Portsmouth Football Club is in the black following the club's first full year after emerging from administration

The club’s audited accounts for the year ending June 30, 2014, have been posted at Companies House.

Ken Malley, chairman of the supporters trust, said: ‘It’s all good news, when you look at all the work that has gone on at Fratton Park we have come a long way in such a short time.

‘I don’t think any of us dared dream of such a scenario.

‘It’s been a joint effort and we are really living up to the name of a community club.’

Barry Dewing, a spokesman for Pompey Independent Supporters Association said: ‘Its obviously welcome news and shows there is profit to be made at Portsmouth. There is still a lot of work to be done but it wasn’t easy to turn it around.’